Grayscale released a research report: Is HYPE valued at only 14 times? Compared with US stock brokerages, there’s still 3 times upside!

Grayscale just sent Hyperliquid (HYPE) a research report. Using traditional finance formulas, Wall Street finds that HYPE’s current P/E ratio is only 14, while high-growth brokerages in the US like Robinhood are trading at 35–50 times. In other words, it’s basically saying HYPE is absurdly cheap.
This “people’s war god,” a commoner who started with zero venture capital and relied purely on community airdrops—last year it raked in $800 million in trading fees, and its positions surged into the top four globally. Most impressive of all, it did this without touching the US market at all.
Stop treating it like an air coin—it's now an “all-in-one broker.” Not only can it trade crypto; it can also trade gold, silver, crude oil, and even the S&P 500 index, with 24-hour leveraged buying and selling directly on the platform. During the days when silver surged, its daily trading volume jumped to $4 billion—so much so that even Bloomberg is keeping an eye on it.
Its money-making and deflationary logic is simply unbeatable:
Fee revenue is irresistible: the fee rate is cut in half compared with centralized exchanges, so retail traders and quants are rushing to it.
Crazy buybacks: the platform uses 99% of its fee income to buy back and burn HYPE. The busier the on-chain activity, the more aggressively HYPE gets burned.
Grayscale also hinted at the key: regulation of US perpetual contracts is about to be thawed. Once the US opens up, Hyperliquid—being a purely on-chain platform—can directly comply and plug into Wall Street’s trillion-level capital. The ceiling will be blown open immediately.
That neighbor—ETH—has the “just do the work, no cuts” “volunteer” narrative, and it only just managed to get believers to lose money and cut their losses. But when in-market capital turns back, it happens to run straight into a cash-flow monster like HYPE: earning $800 million a year, with a valuation so low it’s shocking.